Best Mining Financing

Sponsor Largo Resources employed a novel structure when it financed construction of a production facility for a mineral which is equally unusual in Latin America

Maracás Vanadium

Largo Resources’ Maracás Vanadium
project financing in Bahia, Brazil, was notable for having
introduced a guaranteed, non-recourse loan structure to the
marketplace.

The deal, financed by Brazilian state development bank,
BNDES, helps pave the way for further non-recourse transactions
in the country. That point — in addition to its
success despite Largo Resources’ status as a
junior sponsor with no local relationship history and in the
face of the challenges posed by the lack of a forward price for
vanadium — marked the transaction out as Best Mining
Financing.